Weekly Coal Index Report
The market softened last week as expectations of lower Indian demand going forward weighed on price.
The nation is battling with an exploding second wave of Covid-19. With the shifting market supply:demand dynamics, this is now hurting Australian producers more, versus SA producers who now have China as an option instead.
Government tensions between Australia and China seem to be escalating, not getting any better. Renewed decarbonisation commitments were en-vogue once more following Earth Day, although action on the ground always seems to differ from words.
Does one believe Xi Jinping when he says that carbon emissions will peak by 2030 and that coal will be materially cut back from 2026 onwards?
More material new is that South Korean State-run institutions will apparently no longer finance new coal-fired power development. This is significant as developing Asian nations were being seen as the source of most future coal growth.
It changes the demand and price outlook quite significantly going forward to 2030.
Chinese domestic thermal prices have stabilised although China is increasingly stockpiling coal at mines, railheads, ports, power plants etc.
European gas prices fell as political tensions between Russia and Ukraine eased. Meanwhile, Poland appears to be creating a bad coal-bank by buying up coal assets from utilities, transferring them to a “National Energy Security Agency”, freeing up utilities to access green finance.
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